LABD vs. SPXU

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily S&P Biotech Bear 3x Shares (LABD) and ProShares UltraPro Short S&P500 (SPXU).

LABD and SPXU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LABD is a passively managed fund by Direxion that tracks the performance of the S&P Biotechnology Select Industry Index (-300%). It was launched on May 28, 2015. SPXU is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (-300%). It was launched on Jun 25, 2009. Both LABD and SPXU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

LABD vs. SPXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P Biotech Bear 3x Shares (LABD) and ProShares UltraPro Short S&P500 (SPXU). The values are adjusted to include any dividend payments, if applicable.

LABD vs. SPXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LABD Direxion Daily S&P Biotech Bear 3x Shares	-22.25%	-70.07%	-21.43%	-41.77%	-32.68%	1.86%	-89.75%	-70.80%	-6.26%	-75.67%
SPXU ProShares UltraPro Short S&P500	15.02%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-56.27%	3.97%	-44.23%

Returns By Period

In the year-to-date period, LABD achieves a -22.25% return, which is significantly lower than SPXU's 15.02% return. Over the past 10 years, LABD has underperformed SPXU with an annualized return of -57.45%, while SPXU has yielded a comparatively higher -39.74% annualized return.

LABD

• 1D: -22.42%
• 1M: -7.39%
• YTD: -22.25%
• 6M: -59.03%
• 1Y: -82.24%
• 3Y*: -55.49%
• 5Y*: -38.61%
• 10Y*: -57.45%

SPXU

• 1D: -8.57%
• 1M: 16.03%
• YTD: 15.02%
• 6M: 7.93%
• 1Y: -41.50%
• 3Y*: -36.61%
• 5Y*: -31.42%
• 10Y*: -39.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LABD vs. SPXU - Expense Ratio Comparison

LABD has a 1.06% expense ratio, which is higher than SPXU's 0.93% expense ratio.

LABD

Direxion Daily S&P Biotech Bear 3x Shares

SPXU

ProShares UltraPro Short S&P500

Return for Risk

LABD vs. SPXU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LABD

LABD Risk / Return Rank: 1
LABD Sharpe Ratio Rank: 1
LABD Sortino Ratio Rank: 0
LABD Omega Ratio Rank: 0
LABD Calmar Ratio Rank: 0
LABD Martin Ratio Rank: 3

SPXU

SPXU Risk / Return Rank: 3
SPXU Sharpe Ratio Rank: 2
SPXU Sortino Ratio Rank: 2
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 2
SPXU Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LABD vs. SPXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) and ProShares UltraPro Short S&P500 (SPXU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	LABD	SPXU	Difference
Sharpe ratio Return per unit of total volatility	-0.96	-0.76	-0.19
Sortino ratio Return per unit of downside risk	-2.04	-0.95	-1.10
Omega ratio Gain probability vs. loss probability	0.77	0.86	-0.10
Calmar ratio Return relative to maximum drawdown	-0.91	-0.65	-0.26
Martin ratio Return relative to average drawdown	-1.17	-0.76	-0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LABD vs. SPXU - Sharpe Ratio Comparison

The current LABD Sharpe Ratio is -0.96, which is comparable to the SPXU Sharpe Ratio of -0.76. The chart below compares the historical Sharpe Ratios of LABD and SPXU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LABD	SPXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	-0.76	-0.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.40	-0.63	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.60	-0.75	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-0.81	+0.27

Correlation

The correlation between LABD and SPXU is 0.57, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

LABD vs. SPXU - Dividend Comparison

LABD's dividend yield for the trailing twelve months is around 5.82%, more than SPXU's 5.10% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LABD Direxion Daily S&P Biotech Bear 3x Shares	5.82%	6.67%	4.68%	6.13%	0.53%	0.00%	3.94%	1.75%	0.81%	0.00%
SPXU ProShares UltraPro Short S&P500	5.10%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Drawdowns

LABD vs. SPXU - Drawdown Comparison

The maximum LABD drawdown since its inception was -99.99%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for LABD and SPXU.

Drawdown Indicators

	LABD	SPXU	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-99.99%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-88.09%	-65.13%	-22.96%
Max Drawdown (5Y) Largest decline over 5 years	-97.73%	-87.51%	-10.22%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-99.51%	-0.47%
Current Drawdown Current decline from peak	-99.99%	-99.99%	0.00%
Average Drawdown Average peak-to-trough decline	-90.78%	-93.26%	+2.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.46%	55.70%	+12.76%

Volatility

LABD vs. SPXU - Volatility Comparison

Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 36.88% compared to ProShares UltraPro Short S&P500 (SPXU) at 16.07%. This indicates that LABD's price experiences larger fluctuations and is considered to be riskier than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LABD	SPXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.88%	16.07%	+20.81%
Volatility (6M) Calculated over the trailing 6-month period	59.06%	28.19%	+30.87%
Volatility (1Y) Calculated over the trailing 1-year period	87.11%	54.48%	+32.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	96.40%	50.35%	+46.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.40%	53.33%	+43.07%